Permanent TSB sells Project Glas loans for €1.3 billion
Permanent TSB, along with other banks, has been under pressure from regulators to reduce the level of non-performing loans (NPLs) on its books. The bank says this sale will cut that ratio from 25 per cent to 16 per cent
Permanent TSB has soldits Project Glas loan portfolio for €1.3 billion to Lone Star, through the US fund's subsidiary Start Mortgages. News of the deal sent the bank’s shares up by more than 9 per cent to €2.10 in Dublin.
The move generated much political controversy as it included loans linked to private dwelling homes (PDHs) as well as buy-to-let properties. After announcing plans for the sale, the bank scaled back the size of the portfolio by removing more than 6,000 loans,including split mortgages.
